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Soybeans manage solid finish

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Soybeans were higher on fund and commercial buying. Contracts did struggle at points, but were able to post a solid end to the session. Demand is solid and China has lowered its interest rate, which could lead to more imports. The U.S. harvest is just about wrapped up, while South American planting is moving forward. Soybean meal was up and meal was mixed, reflecting the difference in commercial demand.

Corn was lower on fund and technical selling, running out of steam near the close. Unknown destinations bought 132,000 tons of 2014/15 U.S. corn, their second large buy this week, and ethanol demand continues to look strong. That said – contracts sold off late, focusing on the tail end of harvest. The EPA has again delayed a decision on the renewable fuels standard. Ethanol futures were higher.

The wheat complex was narrowly mixed in consolidation trade. Chicago was steady to firm and continues to be in a short term uptrend, despite the bearish fundamentals. Kansas City ended the day uneven and unable to sustain the early gains. The trade’s assessing damage to southern Brazil’s crop from recent excessive rainfall. Egypt bought 60,000 tons of French wheat and the Philippines picked up 116,600 tons of feed wheat.

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